I was the auctioneer for an event in Chicago and had a bid of $270 on one lot up for auction. Another bidder bid (offered) $265 and I quickly informed him “We are going to the other way … I’ll take $275 …” I think most auctioneers (and attorneys) would agree I couldn’t have upset my contract with the $270 bidder for a contract of $265.
The works in this show are much better than what Chong has done in the past because of their larger size,” said architect and art collector Ee Poh Kiat of Chong Ai Lei’s solo exhibition, When I See You Again.
Chong, at 33, is one of the bright sparks in the Malaysian art scene. Her solo show, which opened at The Edge Galerie in Mont Kiara on Jan 10, is her first in Malaysia following three overseas solo exhibitions. She has also participated in many international group shows.
Entitled, Face-Off: Picasso / Condo, this is a selling exhibition of portrait works by Pablo Picasso and George Condo at Sotheby’s Gallery in Hong Kong from March 16-31.
The exhibition will also include a selection of major Picasso paintings lent by collectors in the region.
“The inspiration for this exhibition came as a result of the strong interest from Asian collectors for works by these two legendary artists," says Sotheby’s Asia chairman Patti Wong.
A New York case in 2012 which shocked the auction industry was fortunately overturned recently. The subject involved the necessity to identify the seller at auction per the statute of frauds to make such the purchase contract enforceable. We wrote about the original case:https://mikebrandlyauctioneer.wordpress.com/2012/12/01/identify-parties-to-auction-sale-contract/
Auctioneers deal in all kinds of property. Week to week, it could be a car, gun, coin, diamond ring, lawn tractor, horse … or even $8,000: the list goes on. Any of these personal property items could be lost, misplaced and/or abandoned. What does all that mean for an auctioneer?
Property is generally deemed to have been …
Concluding their 2017 auctions for the week ending Dec 21, Sotheby’s reportedly reached annual sales totalling US$7.4 billion. The figure is said to show a 13.1% increase over the results of 2016.
Sotheby’s Hong Kong also claims to lead all international houses in Asia with an annual auction total of S$850 million. Asian clients contributed over 30% to Sotheby’s worldwide sales this year, reaching a total of US$ 1.6 billion. Online buyers have spent more than US$ 180 million, with 23% of all lots sold, purchased online.
Bid calling is made up of offers and acceptances — which forms contracts from the first bid until the last. We discussed this in more detail here:https://mikebrandlyauctioneer.wordpress.com/2014/08/11/bid-calling-is-just-numbers/
Selling absolute (without reserve) dictates that the subject property is selling to the highest bidder. In other words, the buyer must be the one offering the most consideration.
However, does selling absolute mandate you reopen the bid if another bid comes in as the hammer is falling, after the hammer falls, after 24 hours, 3 days, a month …?